I-3 - Taxation Act

Section 344 Disposition versions

2023-09-26

344. The amount which an individual may deduct under section 342 shall not exceed:

(a)  the aggregate of:

i.  the amounts contemplated in section 345 less any deduction allowable for the year under paragraphs d, e and f of section 339; and

ii.  the excess of the amount determined for the year under paragraph b of section 28 over the aggregate of his allowable business investment losses for the year;

iii.  the excess of the amount included in computing the individual’s income for the year under section 330 or 331, as the latter section applies in respect of a disposition made before 31 December 1984, over the aggregate of the amounts deducted in that computation under sections 333.1 and 362 to 418.12, section 88.4 of the Act respecting the application of the Taxation Act (chapter I-4) and sections 357 and 358, as they apply in respect of a disposition made before 13 November 1981;

iv.  his income for the year from the production of literary, dramatic, musical or artistic work; and

v.  his income for the year from his activities as an athlete, a musician or a public entertainer such as a theatre, motion picture, radio or television artist; less:

(b)  the amounts which the individual is to receive within the 12 months beginning on the date when the first payment is to be paid to him in respect of each income-averaging annuity.

1972, c. 23, s. 313; 1973, c. 18, s. 10; 1975, c. 22, s. 65; 1978, c. 26, s. 54; 1980, c. 13, s. 28; 1982, c. 5, s. 79; 1998, c. 16, s. 251; 2023, c. 19, s. 26.

2006-03-01

344. The amount which an individual may deduct under section 342 shall not exceed:

(a)  the aggregate of:

i.  the amounts contemplated in section 345 less any deduction allowable for the year under paragraphs d, e and f of section 339; and

ii.  the excess of the amount determined for the year under paragraph b of section 28 over the aggregate of his allowable business investment losses for the year;

iii.  the excess of the amount included in computing his income for the year under sections 330 and 331 over the aggregate of the amounts deducted in that computation under sections 333.1, 357, 358 and 362 to 418.12 and section 88.4 of the Act respecting the application of the Taxation Act (chapter I-4);

iv.  his income for the year from the production of literary, dramatic, musical or artistic work; and

v.  his income for the year from his activities as an athlete, a musician or a public entertainer such as a theatre, motion picture, radio or television artist; less:

(b)  the amounts which the individual is to receive within the 12 months beginning on the date when the first payment is to be paid to him in respect of each income-averaging annuity.

1972, c. 23, s. 313; 1973, c. 18, s. 10; 1975, c. 22, s. 65; 1978, c. 26, s. 54; 1980, c. 13, s. 28; 1982, c. 5, s. 79; 1998, c. 16, s. 251.